HOVEMAK: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HOVEMAK
Largest movements
- Cash +€22,862
up €22,862 (+13.9%), from €164,853 to €187,716
mainly Net result for the year (+€40,249) and Depreciation (+€18,670)
- Tangible fixed assets -€17,774
down €17,774 (-35.7%), from €49,734 to €31,959
of which Furniture and vehicles: -€12,460
- Receivables within one year +€13,420
up €13,420 (+10.5%), from €127,592 to €141,011
of which Trade receivables: +€13,848
- Reserves +€40,249
up €40,249 (+12.3%), from €327,445 to €367,694
of which Distributable reserves: +€40,249
- Tax, wage and social debts -€19,550
down €19,550 (-36.4%), from €53,742 to €34,192
of which Remuneration and social security: -€20,011
- Staff costs -€26,118
down €26,118 (-11.7%), from €223,646 to €197,529
- Taxes +€8,006
up €8,006 (+222%), from €3,606 to €11,612
- Gross operating margin +€5,957
up €5,957 (+2.3%), from €260,491 to €266,448
- Depreciation -€5,531
down €5,531 (-22.9%), from €24,201 to €18,670
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €453,388 | €476,138 | +€22,750 | +5.0% |
| Fixed assets | 21/28 | €49,734 | €31,959 | -€17,774 | -35.7% |
| Tangible fixed assets | 22/27 | €49,734 | €31,959 | -€17,774 | -35.7% |
| Plant, machinery and equipment | 23 | €15,151 | €9,836 | -€5,315 | -35.1% |
| Furniture and vehicles | 24 | €34,583 | €22,123 | -€12,460 | -36.0% |
| Current assets | 29/58 | €403,654 | €444,179 | +€40,524 | +10.0% |
| Amounts receivable within one year | 40/41 | €127,592 | €141,011 | +€13,420 | +10.5% |
| Trade receivables | 40 | €121,475 | €135,322 | +€13,848 | +11.4% |
| Other amounts receivable | 41 | €6,117 | €5,689 | -€428 | -7.0% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €164,853 | €187,716 | +€22,862 | +13.9% |
| Deferred charges and accrued income | 490/1 | €11,209 | €15,451 | +€4,242 | +37.8% |
| Total equity and liabilities | 10/49 | €453,388 | €476,138 | +€22,750 | +5.0% |
| Equity | 10/15 | €388,445 | €428,694 | +€40,249 | +10.4% |
| Contributions | 10/11 | €61,000 | €61,000 | = | 0.0% |
| Reserves | 13 | €327,445 | €367,694 | +€40,249 | +12.3% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €317,445 | €357,694 | +€40,249 | +12.7% |
| Amounts payable | 17/49 | €64,943 | €47,444 | -€17,499 | -26.9% |
| Amounts payable within one year | 42/48 | €64,943 | €47,444 | -€17,499 | -26.9% |
| Trade debts | 44 | €11,201 | €13,252 | +€2,051 | +18.3% |
| Suppliers | 440/4 | €11,201 | €13,252 | +€2,051 | +18.3% |
| Taxes, remuneration and social security | 45 | €53,742 | €34,192 | -€19,550 | -36.4% |
| Taxes | 450/3 | €6,163 | €6,623 | +€461 | +7.5% |
| Remuneration and social security | 454/9 | €47,580 | €27,569 | -€20,011 | -42.1% |
| Remuneration, social security and pensions | 62 | €223,646 | €197,529 | -€26,118 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,201 | €18,670 | -€5,531 | -22.9% |
| Other operating charges | 640/8 | €740 | €715 | -€26 | -3.5% |
| Gross operating margin | 9900 | €260,491 | €266,448 | +€5,957 | +2.3% |
| Operating profit (loss) | 9901 | €11,904 | €49,536 | +€37,632 | +316% |
| Financial income | 75/76B | €2,627 | €3,660 | +€1,034 | +39.4% |
| Recurring financial income | 75 | €2,627 | €3,660 | +€1,034 | +39.4% |
| Financial charges | 65/66B | €1,245 | €1,335 | +€91 | +7.3% |
| Recurring financial charges | 65 | €1,245 | €1,085 | -€159 | -12.8% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €13,286 | €51,861 | +€38,575 | +290% |
| Income taxes | 67/77 | €3,606 | €11,612 | +€8,006 | +222% |
| Profit (loss) for the period | 9904 | €9,679 | €40,249 | +€30,569 | +316% |
| Profit (loss) for the period to be appropriated | 9905 | €9,679 | €40,249 | +€30,569 | +316% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.